George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.) Date Purchased Number of Shares Adjusted Basis

Date Purchased Number of shares Adjusted Basis

Stock A 11/21/1992 1,230 $ 29,520

Stock A 3/18/1998 615 11,070

Stock A 5/22/2007 980 35,280

On October 12, 2018, he sold 1,545 of his shares of Stock A for $38 per share.

A. How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold

B. How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 980 shares from the 5/22/2007 purchase and 565 shares from the 11/21/1992 purchase?